Mississippi attorney general subpoenas Credit Acceptance
SOUTHFIELD, Mich. — For the second time in about a year, Credit Acceptance is dealing with an attorney general subpoena.
The finance company acknowledged late on Friday through a filing with the Securities and Exchange Commission that it received a subpoena from the Mississippi attorney general on Aug.
BENTONVILLE, Ark. — Along with elaborating a bit about his upcoming retirement, America’s Car-Mart chief executive officer William “Hank” Henderson described how underwriting tightening in other areas of the auto-finance market is benefitting the chain of buy-here, pay-here dealerships.
The market change is improving not only the caliber of customer Car-Mart saw during the first quarter of its 2018 fiscal year that ended on July 31, but also the quality of vehicles the company is able to stock at its 140 stores.
“We’re seeing some customers circle back,” Henderson said during Car-Mart’s quarterly conference call with investors. “They’ve been over there and tried the other side, and now … Read more
NEW YORK — In a new report released on Monday, Moody’s Investors Service explained what likely might be happening in the war rooms at auto finance companies nowadays.
Financing providers are increasingly faced with the choice of taking on greater risk by rolling negative equity at trade-in into the next vehicle loan. The credit rating agency believes finance companies are increasingly accepting this choice, resulting in mounting … Read more
Experian: Financing Extended to Subprime Car Buyers Declines to Record Lows in Q3
Auto financing extended to subprime and deep-subprime car buyers fell 4.5% from a year ago, as the auto finance industry continued to squash fears of a forming subprime bubble. Newly originated loans made to prime car buyers jumped 2% to encompass nearly 60% of auto loans originated during the period.
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Major Developments Make NABD Orlando a Must Attend |
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By Nick Zulovich HOUSTON – It was just a little more than four months ago that the National Alliance of Buy-Here, Pay-Here Dealers hosted its annual convention in Las Vegas. However, Ken Shilson emphasized that two significant developments have happened since NABD gathered ahead of Memorial Day weekend, making its next BHPH Conference during the first days of November all the more important for operators to attend. The conference, whose theme is “Best Practices to Succeed Now,” is designed for both new and experienced operators. The event that runs Nov. 1-3 at the Rosen Shingle Creek Resort in Orlando, Fla., will take a deep look at what Shilson called one of the “most significant accounting changes buy-here, pay-here operators will ever encounter.” That change is the American Institute of Certified Public Accountants passing new credit loss measurement standards that require operators to estimate future anticipated losses on their receivables. “There’s nobody who is going to be helped by this rule. There’s no silver lining in this cloud. It’s going to adversely affect everyone,” Shilson stressed to BHPH Report during a recent telephone conversation. “Every time you book a receivable in the future, you’re going to…Click Here to Read More |
Gary Tillery wants every customer who walks into his J.D. Byrider used-vehicle lot in Albuquerque, N.M., to drive off in a vehicle they will pay for and like. So his employees, called underwriters, interview all customers and assess their ability to repay vehicle loans. The employees also try to determine how much customers can pay and their willingness to pay. That’s important because as a Byrider buy-here, pay-here franchisee Tillery funds his customers’ loans himself through his own finance arm. The finance arm uses software and practices supplied by CarNow Acceptance Co., a division of Byrider Franchising. Loan structure, management and collection are crucial for success, he says. Read the rest here
